Research On Macro-liquidity Assessment Under The Micro-perspective

Recently, the phenomenon of macro and micro liquidity gradually occurs on levels of a certain departure, which is bound to bring some trouble for the central bank’s macrocontrol. In fact, the main problem about the phenomenon is how to assess the macroliquidity accurately. As the existing macro-liquidity assessment lack of the microeconomic base, which is bound to affect its assessment of the effectiveness, and will weaken the effect of macro liquidity management, this paper assess macro-liquidity from the micro perspective(enterprise),and try to improve the effectiveness of existing macro-liquidity assessment. Specifically, on the basis of the analysis of the macroliquidity effect corporate investment behavior. This paper use of 2008 to 2013 China’s Shanghai and Shenzhen listed companies that more complete annual financial data as research subjects, and construct a smooth transition panel(PSTR) model, through nonlinear least squares method and the grid search method to estimate model parameters, by smoothing parameters and location parameters to determine the average value of g in the model as a function of conversion whether the excess liquidity or not. Additionally, Based on empirical research, this paper obtained the following conclusions: First, It’s necessary and feasible to assessment macro-liquidity from the micro perspective; Secondly, The impact of macro liquidity on corporate investment rate of non-linear characteristics; And third, The 2008 and 2012 domestic macro-economic liquidity is insufficient, from 2009 to 2011 and 2013 macro-liquidity is excess; Fourth, The microscopic conductive effect of domestic monetary policy is generally effective, with the rise of macro liquidity and corporate financing constraints decline; Fifth, As commercial banks and enterprises "liquidity hoarding" behavior, exchange rate regime and the lag of interbank market interest rates on corporate debt ratio, the effectiveness of monetary policy is being undermined.Finally, Based on the empirical results, this paper presented the following six proposals: First, the monetary policy decision-making system should include the real economy sector; Second, During the central bank making appropriate liquidity management policy or monetary policy, they should focus on nonlinear conversion mechanism effect, the conversion speed and position parameters, etc., and then take the appropriate policies and measures; Third, The central bank should adoption interest-based and supplemented by credit to regulate investment and credit demand for money; Fourth,To encourage commercial banks innovation, the central bank need to strengthen supervision at the same time. Additionally, the government and commercial banks and enterprises need to work together to solve the "zombie companies" problem; Fifth, In order to enhance exchange rate flexibility, the commercial banks can establish effective interest and exchange rates of transmission channels; Sixth, To build a unified and accurate macro- liquidity assessment methods.